The Bangko Sentral ng Pilipinas announced to the public that the old banknotes of the Republic of the Philippines will be no longer have monetary value starting January 1, 2017. This is an important announcement!

BSP urged the public specially those people using the old peso bills ranging from 5 peso, 10, 20, 50, 100, 500 and 1000 pesos. As you can see from the embedded photo above, those are the old banknotes that BSP wants to be exchange into new banknotes.

According to BSP history, the old banknote series launched in 1985, almost three decades where the old banknote have been in circulation. And BSP said that it can be used for daily transactions up to December 31, 2015 only.

You can exchange your old banknotes to all authorized agent banks and the BSP Cash Department from January 1, 2016 to December 31, 2016.

BSP expects that the new banknotes introduced in December 2010, will be in circulation of only one currency series by 2017.